Test Ch 11 and 12

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Week 3 Exam #1 (Chapters 11 & 12)
Started:
Nov 6, 2013 8:52 PM
Finished:
Nov 6, 2013 11:22 PM - auto
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Week 3 Exam #1 (Chapters 11 & 12) Total Grade: 108 (of possible 140 points)
Question 1 of 140 Score: 0 (of possible 1 point)
Ramblin' Country Stables contracts to buy 1,000 horseshoes from Blacksmith, Inc., for $1 per shoe. When the market price decreases to 50 cents per shoe, Ramblin' refuses to go through with the deal. Blacksmith can recover

A.
$1,500.

B.
$1,000.

C.
$500.

D.
$0.
Answer Key: C
Question 2 of 140 Score: 1 (of possible 1 point)
Under the UCC, there are no exceptions to the perfect tender rule. True
…show more content…
True False
Answer Key: False
Question 14 of 140 Score: 0 (of possible 1 point)
Summer Breeze, Inc., contracts for the sale of fifty ceiling fans to Island Décor store. If Summer Breeze fails to deliver the goods, Island Décor must commence a suit for breach of contract within A. four years.

B. not more than one year.

C. not less than four years.

D. thirty days.
Answer Key: A
Question 15 of 140 Score: 0 (of possible 1 point)
John is an art dealer with special expertise in modern art. Rachel comes to John's gallery to purchase a modern art painting as an investment. John shows her several paintings that he says are high quality and will increase in value in the next ten years. John's statement is A. an express warranty.

B. an implied warranty.

C. an opinion.

D. puffery. Answer Key: A
Question 16 of 140 Score: 1 (of possible 1 point)
Under the UCC, parties to a contract cannot limit or exclude consequential damages. True False
Answer Key: False
Question 17 of 140 Score: 1 (of possible 1 point)
Sparkling Gem Corporation agrees to sell Jewel Outlets, Inc. (JOI), fifty new diamonds, but the contract does not specify a place of delivery. JOI is expected to pick up the goods. The place of delivery is

A.
Sparkling's place of business.

B.
JOI's place of business.

C. the Annual Gems and Jewels Convention in New York City.

D. the U.S. Postal Service

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